From 22 cells in Nuremberg by Douglas M. Kelley, 1947

HJALMAR SCHACT OWED HIS TWO MIDDLE names to his family�fs fondness for the great American newspaper editor. At 69 he was still undoubtedly the most intelligent of the entire group . . . who stood trail at Nuremberg. A perfectly stable personality, Schacht was simply a man interested in . . . money . . .

Schacht had traveled extensively through Europe,, Asia, and North America, and he spoke excellent English and French. His personal life was that of any sober, important businessman, and he always conducted himself as such, even in jail. He had bee married twice, the second time to a woman thirty years his junior. His first wife died a few years after the end of the First World War.

Schacht�fs whole career had been in finance. He began life as a mere run-of-the-mill banker. However, by 1923, he claims to have been responsible for the re-evaluation of the mark which ended the post-war inflation. . . . 

Comment   it seems that the claim was entirely based on the facts. — (WPT)>

In defense of his Nazi activity, he assured me that, even after 1933, his efforts were devoted not to strengthening Nazism but primarily to building a strong Germany. In line with this, Schacht carefully pointed out that it was necessary, of course, to build a strong German Army, Navy and Air Force. Nonetheless, he could not deny, had it not been for him, the Nazi Party would have had a thin pocket book.

However, Schacht insisted—and convinced the court—that he disagreed with Hitler�fs basic policies and most of the Nazi ideology. Until 1938, in spite of whatever disagreements there might have been he nevertheless remained Hitler�fs foremost broker. At that time, Schacht said, he felt that overemphasis on armaments was tending to upset the German economy. There followed an open break with the Nazi Party and, as war approached, Schacht was replaced as head of the Reichsbank by Funk.

The Schacht defense was . . . better than most. Possibly foreseeing his postwar predicament, as early as 1942 he began to point out for the record Germany�fs doubtful future. Though he was then living in retirement on his farm, his protests eventually reached the ears of Hitler and he was placed in a concentration camp in 1944.

Schacht always maintained that he had been connected with two attempts on Hitler�fs life. He refused to discuss these attempts . . . 

Comment much more information is available presently, some key persons in opposition to Hitler were, apparently, Schacht, Gisevius, Canaris. — (WPT)

Schacht was overjoyed when his concentration camp was swept up by the American Army. But he was more than a little annoyed when the Americans . . . put him on trial. Understandably, he nursed thereafter a bitter grudge against both Nazism and the Allies.

. . . He maintained that, obviously, he was not an associate of Goering or Kaltenbrunner or Streicher . . . He put it this way in one of our interviews : “I understand that the German leadership has much to answer for, and it is better to determine the truth in court, to establish relative guilt and innocence once and for all. Of course, anyone who is innocent will net be punished.�E

Schacht’s excuse . . . was , , , convincing to the court which acquitted him. “I was fool enough to believe in Hitler’s peaceful intentions in the beginning. I did support rearmament only to the point of insuring Germany’s security, but I became more and more suspicious as he tried to absorb all of the country’s financial resources in armaments.

The turning point came when he dismissed von Fritsch who never wanted aggressive war, and put in his lackey, Keitel. I then withheld funds for further armament and got kicked out as a result. The more aggressive he became, the more defeatist I became. Finally, he threw me into a concentration camp in 1944.

”As for anti-Semitism, I did exact an understanding from him as early as 1934 that there was to be no discrimination in the industrial field. The basic problems were not really racial anyway. That’s just a lot of non-sense. It was essentially a question of curtailing Jewish over-representation in business and in the professions.

”I first found out about the atrocities while I was interned in Flossenburg. I could hear people being forced to undress and being made to march to their death. It was beastly. The only reason I can imagine why I was kept alive was in case I might be needed as a possible hostage or negotiator.�E

( pages 187 - 190 )

 

When Hitler decided to replace Schacht as head of the Reichsbank with Walther Fun, he mad one of his poorest choices. Physically and emotionally, Funk and Schacht are direct antitheses. One could scarcely imagine greater contrast to the tall slender, aristocratic, and intelligent Schacht than Funk . . . .

( page 191 )

It is my opinion that Funk was so poorly qualified for the job Hitler gave him that he was able to appear to perform it only because of Schacht�fs previous skillful organization of the Reichsbank. . . . .

New York : Greenberg, 1947.